VAT online service - scheduled unavailability

 
The VAT online service will be unavailable from 00.01 on Sunday 8 April until 06.00 on Wednesday 11 April.

Budget 2012

 
You will probably have received Budget update information from a number of other sources, so we won't bore you by repeating it here. The only item meriting a highlight is that the company car fuel benefit multiplier is being increased from £18,800 to £20,200 from 6 April 2012. Other Budget issues will be addressed in future Critical Updates as and when they need attention.

Company cars - advisory fuel rates from 1 March 2012

These rates apply to all journeys on or after 1 March 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either.

Engine size                                        Petrol

1400cc or less                                    15p

1401cc to 2000cc                              18p

Over 2000cc                                       26p

Engine size                                        Diesel

1600cc or less                                    13p

1601cc to 2000cc                              15p

Over 2000cc                                       19p

Mileage expenses for business travel in employees' own vehicles

Rates per business mile for tax years 2011-2012:

Type of vehicle                         First 10,000 miles                 Above 10,000

Cars and vans                                    45p                                           25p

Motorcycles                                       24p                                           24p

Cycles                                                  20p                                           20p

Official rate of interest unchanged for 2012/2013

HMRC has confirmed that the official rate of interest will be 4% for 2012/13, though subject to review in the event of significant rate changes. The 4% rate has been in force since 6 April 2010.

Late P45s

If your employee gives you a P45 after the first pay day and you have already been advised of the employee's tax code by HMRC after completing and submitting form P46, do not submit the late P45 to HMRC, but check it for any Student Loan indicator and commence these if you have not already done so. The P45 part 3 should be destroyed.

There is a different process if the P45 is received after you have submitted the P46 to HMRC, but you have not received form P6 from HMRC advising you of tax code and previous earnings. You should then check the pay and tax details shown on the P45 and use these figures to update the employee's payroll record, submitting part 3 of the P45 to HMRC.

New finance training courses from Haysden Training 

We are delighted to offer five new one-day finance courses. A clear understanding of the financial basics is essential for every successful business.

Delivered in the usual Haysden tutorial style of small groups, giving each delegate the opportunity to explore the subject to the depth they really need, these courses are ideal for:

• those working, or wishing to work, in finance and accounts departments
• managers and supervisors looking to enhance their potential with an understanding of relevant financial matters
• SME owners and managers who need to take a financial overview; to deal effectively with finance professionals; or simply have the skill to do it themselves.

The courses

Purchase Ledger Basics

Basic double-entry book-keeping; processing and recording purchase invoices; methods of payment and legal requirement.

Practical Credit Control

Understanding the importance of good credit control procedures including credit appraisals, monitoring accounts and collection techniques.

Budgeting and Forecasting

The different types of budgets and forecasts; the importance of accuracy and how to get maximum benefit from analysis.

Preparing Management Accounts

Journals, the trial balance, profit and loss account, balance sheet, cash flow statement and the use of accounting ratios.

Balance Sheets, Costs and Finance for the Non-Financial Manager

The components of a balance sheet and profit and loss account; cash flow statements; fixed and variable costs, plus essential factors such as the use of accounting ratios and the importance of controls.

Course tutor

Craig Belfield ACA B.Eng. Craig is a Financial Consultant and Director of Belfield & Co. He has over 25 years of financial management experience in a wide range of sectors, both UK and international, and shares our commitment to the Haysden ethos of quality and practical detail.

For course outlines, dates and booking details, look on our website or call us on 01892 825885.

Thank you to all our clients for continuing to use our VAT and Payroll training courses; AdviceLine and consultancy services; and outsourced payroll management services.

Course dates up to December 2012 are posted on our website. Do visit us at www.haysdentraining.co.uk or call us on 01892 825885.

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